What is your net gross monthly household income. (Net gross = the gross income minus business expenses.)
Another last question - is the 1 million debt secured or unsecured? (Can the creditor take the business - or anything else - if you do not pay?)
Your gross monthly income is close to the state median, which means you may not qualify for a Chapter 7. However, you can deduct what you pay for your parent from your income. How much do you pay per month to support your parent?
To qualify for a Chapter 7, your total household gross monthly income must be less than - or not much more than - $5,723. As the court looks at the average monthly income for the 6 months before filing, and you can deduct the $1,000 that you pay to support your parent, you may and may not qualify to file a Chapter 7 Bankruptcy - which would allow you to have your debts discharged without having to pay anything.
If your income level does not allow you to file a Chapter 7, you would be able to file a Chapter 11, which would require you to make some payments to your creditors.
In either case, you would have a $21,825 exemption for all property, including your share of the lot, and all bank accounts.
Regarding the lot, it would not make a difference if the lot was designated to be a burial plot - the same exemption would apply.
If you withdraw the money from your bank accounts, the trustee can - and probably will - ask for proof of what you did with it.
You are allowed to give up to $200 per year per family member (not including the support for your parent). The Bankruptcy trustee can take back anything that was given away in the 2 year prior to filing the Bankruptcy that does not fall into this parameter.
I think this is what you wanted to know. If not, please let me know.
Thank you for accepting my answer! And thank you for the bonus!
Having assets, or having had assets, is not a reason for dismissal.
The only reason for dismissal - that I know of - is income that is too high.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).